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Please explain where do those numbers come from(6 numbers) Show the formulas if necessary PRACTICE QUESTION 5 ? TOPIC 11-PRACTICE QUESTION Toby Wolf Ltd was
Please explain where do those numbers come from(6 numbers) Show the formulas if necessary PRACTICE QUESTION 5 ? TOPIC 11-PRACTICE QUESTION Toby Wolf Ltd was placed into liquidation on 2 October 2017. After identifying all assets and liabilities at the date of liquidation, the company's trial balance at that date comprised: Toby Wolf Ltd (In liquidation) Trial Balance as at 2 October 2017 Dr Account Accrued salaries and wages (no excluded employees) Accumulated depreciation Accumulated losses Allowance for doubtful debts Bank overdraft Building Cash on hand Debentures (secured by mortgage on building) General reserve Patent Interest payable (Debentures) Inventory Issued capital (fully paid) Land Dividend payable Trade payable Trade receivable Total 42,000 620,000 1,058,000 12,000 12,000 2,620,000 16,000 1,660,000 1,100,000 130,000 12,000 270,000 1,650,000 980,000 28,000 24,000 86,000 5,160,000 5,160,000 (a) The non-cash assets realised $1,500,000 in total, of which $1,200,000 relates to the sale of the building (b) Liquidation fees/expenses are expected to be 2% of cash received from asset sales. Required: Prepare the Liquidation, Creditor's Control, Receipts and Payments and Member Distribution general ledger accounts to show the final liquidation of Toby Wolf Ltd, showing all workings and calculations
Please explain where do those numbers come from(6 numbers)
Show the formulas if necessary
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